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February 6, 2003
contact: (703) 905-3770

FinCEN to Reinstate USA PATRIOT Act Section 314(a) Information Requests

The Financial Crimes Enforcement Network (FinCEN) will be reinstating information requests associated with section 314(a) of the USA PATRIOT Act during the week of February 17, 2003, as described below. Generally, section 314 authorizes law enforcement authorities to communicate with financial institutions about suspected money launderers and terrorists, and financial institutions to communicate amongst themselves about such matters.

On November 26, 2002, FinCEN and the primary federal regulators issued a Joint Agency Notice to put into place a brief moratorium on new section 314(a) information requests and compliance with existing requests. During the moratorium, FinCEN, after discussions with relevant federal law enforcement and regulatory agencies, revised the 314(a) information request process to address a number of logistical issues and to develop additional guidance on the information request process. Significant changes include the following: